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Debt Games: Strategic Interaction in International Debt by Vinod K. Aggarwal

By Vinod K. Aggarwal

This publication explains the numerous version that has emerged through the years and throughout circumstances in overseas debt rescheduling prior to now 100 and seventy years. in line with a unique situational thought of bargaining, Professor Aggarwal's examine presents a mode to infer actors' payoffs in several bargaining events to advance "debt games," that are then used to foretell negotiating results. This built-in political-economic method of learn bargaining episodes is going past easy fiscal versions or only descriptive stories. In doing so, it contributes to overseas political and monetary thought, video game conception, and ancient learn on debt negotiations.

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They were soon forced to borrow new capital to pay off old loans. Investors feared that these states would default, and they pressured the British government to remedy the situation. A. , agents for Colombia, suspended payments on the 1820 Colombian loans. Within two years of the financial panic of 1825 caused by falling commodity prices and the failure of cotton trading firms, Spain, Portugal, Greece, and every country in Latin America, save Brazil, were in default on their debt payments. The British government still refused to intervene.

In Latin America, Asia, East Europe, and Africa, countries have sought to reschedule their loans, with strategies and outcomes ranging from outright defaults, as in Bolivia, to continued rescheduling accords as in Mexico, Argentina, Poland, and Venezuela. 83 85 United Nations (1955), p. 124. 84 United Nations (1955), pp. 124 and 128. See United Nations (1955), p. 11 and Marichal (1989), pp. 212-213. Examining the importance of epochs 35 Epochal characteristics What is the international distribution of capabilities in our own epoch?

157. 71 Examining the importance of epochs 33 Patterns of debt rescheduling Terms of rescheduling varied considerably in this epoch. Some countries, such as Argentina, the Dominican Republic, and Haiti, met most of their servicing and principal obligations. At the other extreme, Brazil and Mexico offered bondholders only a small percentage of their outstanding claims. In rescheduling negotiations, both the American and British bondholders' committees played the central negotiating role. In addition, the newly created World Bank's reluctance to make loans to countries that had not reached settlements undoubtedly stimulated rapid settlement at the end of the period.

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